COSCO, Piraeus propose modification of agreement

Piraeus Container Terminal (PCT), a wholly-owned subsidiary of COSCO Pacific Limited, and Piraeus Port Authority have proposed to amend a 2008 concession agreement relating to Piers 2 and 3 in the port.
COSCO's law firm, Holman Fenwick Willan, said, "If the proposed amendments to the concession agreement are approved by the Greek Court of Audit and ratified by the Greek Parliament, PCT will construct the western part of Pier III and further develop Pier II at an estimated overall cost of €230 million ($309.14 million). It will also construct a new oil jetty on the southern part of Pier III on behalf of Piraeus Port Authority."
The firm continued, "In light of Greece's economic crisis, the parties have also agreed to suspend the guaranteed minimum annual payment that PCT is obliged to pay to Piraeus Port Authority under the concession agreement until Greece's GDP returns to its pre-crisis levels."
COSCO said the proposed new construction and development projects will further improve the terminal facilities and efficiency of PCT. Furthermore, it will also help reinforce Piraeus Port as an international transshipment hub, enhance PCT’s revenue generating capability and in the long run benefit PCT as the concessionaire of the Concession.
Last week, COSCO held a christening ceremony for the 13,386-TEU containership COSCO Netherlands in Nantong, China.
It is the fourth in a series of eight 13,386-TEU vessels being built for COSCO by Nantong Shipyard and will be deployed on the CKYH Alliance's North Europe Express Service 3. That service has a rotation of Xingang, Dalian, Qingdao, Shanghai, Ningbo, Singapore, Rotterdam, Felixstowe, Hamburg, Antwerp, Hong Kong, Shanghai and Xingang.